LandBridge Co. has closed its acquisition of approximately 5,800 largely contiguous surface acres in Lea County, New Mexico, expanding the company into a new area of the Delaware Basin, the company announced Nov. 22.
LandBridge said the land supports existing water infrastructure with the potential to distribute water supply into New Mexico by WaterBridge, LandBridge’s midstream water management affiliate.
The company recently announced its acquisition of approximately 46,000 largely contiguous surface acres in the Southern Delaware’s Wolf Bone Ranch for $245 million in cash.
With the acquisition in Lea County, alongside its previous Winkler County, Texas, and Wolf Bone Ranch agreements, LandBridge said it announced or closed acquisitions totaling 53,080 acres in fourth-quarter 2024.
This brings the company’s total owned surface acreage to 272,000.
LandBridge has increased its 2025 adjusted EBITDA guidance to between $170 million and $190 million, following close of the Wolf Bone Ranch deal in fourth-quarter 2024.
The deals are expected to be funded with a mix of equity and debt financing, including proceeds from LandBridge's recently announced private placement of 5.8 million Class A shares, LandBridge said.
Following the closing of the private placement, Five Point Energy, the company’s main investor, will own an approximate 70% ownership interest in LandBridge.